If China soon welcomes crypto: strong bullrun?

[Gyrgen]

In the context of the economic crisis and its possible intensification, something tells me that China will have no time for cryptocurrency. Moreover, it will not ensure economic growth, it will ensure the growth of the financial sector, and this is not the same thing.

[Charles-Tim]

In the context of the economic crisis and its possible intensification, something tells me that China will have no time for cryptocurrency. Moreover, it will not ensure economic growth, it will ensure the growth of the financial sector, and this is not the same thing.

The financial sector development is different from the economy development, but they are directly proportional. If the financial sector is becoming more developed to a significant level, this will have positive effect on the economy as the economy will also becoming more developed. Also there are difference between economy growth and development.

[legend45]

We know that China is a big country, with a large population.  But we don't know yet what percentage of its citizens like crypto.  If the Chinese government allows and accepts crypto, this could also bring positive things to crypto.  But it may have no effect on crypto.

[Mr. Magkaisa]

      -   In 2017, we know that China made different cryptocurrency exchanges and ICO campaigns during these times, according to my research, and in 2021, there was a so-called crackdown on mining, which had a strong impact on the crypto market. If we look at these times, China has a big impact when they do something negative or positive in the cryptocurrency industry.

In 2023, the country of Hong Kong took a good step in that they became open to cryptocurrency exchanges, which is a sign that the country of China will be positive about cryptocurrency again, and this year we will probably feel the step that the country of China will take positively.

Source: https://www.theblock.co/post/253777/china-crypto-hong-kong-otc-chainalysis

[Gyrgen]

In the context of the economic crisis and its possible intensification, something tells me that China will have no time for cryptocurrency. Moreover, it will not ensure economic growth, it will ensure the growth of the financial sector, and this is not the same thing.

The financial sector development is different from the economy development, but they are directly proportional. If the financial sector is becoming more developed to a significant level, this will have positive effect on the economy as the economy will also becoming more developed. Also there are difference between economy growth and development.

I don’t agree, the only thing they have in common is the word “economy”. Money earned in the financial sector is usually invested back.The financial sector can easily show growth while the real sector shows a decline. And the real sector primarily generates added value, which leads to the growth of the country's economy and not vice versa.

[sampoerna]

This is good news,  of course, no matter how long this will last. It could be that suddenly the country makes new regulations again. Because there will always be surprises and sudden changes here. Whatever the purpose, sometimes news related to crypto and this country is quite inspiring. but it might not be that big if it is related to this positive news. There are several other factors why Bitcoin will experience a strong bullrun this season, because it started with the SEC approval yesterday and there will definitely be various positive trends in the future. The halving will also be taking place soon so we are prepared to at least start the bull run in a much better way.

[DaNNy001]

In my personal opinion, from the very start, China doesn't hate Bitcoin or cryptocurrency; it's just their strategy to pretend they don't like them. Yes, they are banning, but do we know that if they can do that, there will be a downfall in the crypto market, and when that happens, they can secretly invest potential cryptos in the market and Bitcoin a huge amount in them?

Hmm that's some interesting thought there , although am not too certain about china capability of doing this but am very certain that this is the same politics that most coin owners do with their coins that earn them huge profits leaving the masses misguided and confuse by the sudden dump.

But with the case of china, I can't really tell the reason for their hatred towards Bitcoin but if we are to look at it from a general angle then we will find out that it might all be some part of a scheme to actually evaluate huge profits like you stated because if massive organisation or even a nation can have investments on Bitcoin then what stops them being very technologically advanced too @ china.

[Captain Corporate]

I don't think that China would "accept" crypto. They are already dealing with some of the coins and tokens, like EOS was a huge thing there for example, they are just putting harsh regulations to Bitcoin that's it. Last I remember you could still have bitcoin in your wallet and that wasn't disallowed or illegal, it was illegal to mine it as far as I remember though. So there are some stuff you can do with it and can't do with it. All in all, in the end its going to be fine and even Chinese will realize that they can do whatever they want without getting caught and they could just simply deal with the privacy a bit more carefully.

[doc]

I don't think that China would "accept" crypto. They are already dealing with some of the coins and tokens, like EOS was a huge thing there for example, they are just putting harsh regulations to Bitcoin that's it. Last I remember you could still have bitcoin in your wallet and that wasn't disallowed or illegal, it was illegal to mine it as far as I remember though. So there are some stuff you can do with it and can't do with it. All in all, in the end its going to be fine and even Chinese will realize that they can do whatever they want without getting caught and they could just simply deal with the privacy a bit more carefully.

agree with you, I think Chinese will allow or not, it's not problem. Becaus If we have bitcoin in our wallet, the government didn't know. It's really privacy.
Chinese ban mining, but their citizens can invest in crypto, no need for permission from the government.

[MrSpasybo]

I don't think that China would "accept" crypto. They are already dealing with some of the coins and tokens, like EOS was a huge thing there for example, they are just putting harsh regulations to Bitcoin that's it. Last I remember you could still have bitcoin in your wallet and that wasn't disallowed or illegal, it was illegal to mine it as far as I remember though. So there are some stuff you can do with it and can't do with it. All in all, in the end its going to be fine and even Chinese will realize that they can do whatever they want without getting caught and they could just simply deal with the privacy a bit more carefully.

China only bans crypto, not blockchain. Even the Chinese community is very enthusiastic about learning and finding ways to apply blockchain technology. It is quite puzzling that EOS, the dinosaur blockchain and once abandoned by BlockOne, is popular in China and is considered the best blockchain in the world.

The China Centre for Information Industry Development (CCID) has published another global ranking of public blockchains. Based on a technical assessment, the EOS network was named the best^[1].

Chinese people can still own crypto as an asset class, but things are not deployed as freely as in Europe or the United States. Global investors will still own and trade our own crypto, the crypto market does not depend on China but I hope that China will soon open up or give a clear legal framework for crypto, then the crypto market will have received huge new capital from crypto fans in China.

The report published on Thursday revealed that 18% of investors based in China allocated funds ranging from $50,000 to $100,000, while an additional 19% invested amounts between $100,000 and $500,000 in cryptoassets^[2].
[1] China Centre for Information Industry Development (CCID) Ranked EOS #1 Blockchain (2021)
[2] Crypto investors still active in China, many allocating over $100k: Bitget (2023)

[I-Bit]

In the context of the economic crisis and its possible intensification, something tells me that China will have no time for cryptocurrency. Moreover, it will not ensure economic growth, it will ensure the growth of the financial sector, and this is not the same thing.

Why China has no time? They have time but they are playing a secret influence.
When China supports crypto, I'm sure there will be economic growth around the countries in the world. We know that China has a big role in many sectors of our life. The supports from China will be always crucial. But it doesn't determine the future of crypto.

[vegasus]

There must be more good news and other fundamental aspects to make Bitcoin strong bull. Because of course there will be big FUD again as usual, so there needs to be more big news to be able to overcome it. And in fact this has happened quite often. China is also one of them, whether this will be permanent or only temporary, but China is certainly preparing something that might be another surprise in the future. So, make it a habit to stay calm and strong when hearing both good news and bad news (FUD). because these two things cannot be separated from crypto. China, the US, Russia, always have lots of things that make the crypto world excited again every year.

[IvugeoEvolutionCoin]

Why China has no time? They have time but they are playing a secret influence.
When China supports crypto, I'm sure there will be economic growth around the countries in the world. We know that China has a big role in many sectors of our life. The supports from China will be always crucial. But it doesn't determine the future of crypto.

Yeah like as you said, the economic conditions in China are very good, and the technological developments there are very fast and extraordinary, so that when Chinese people start using cryptocurrency as one of their legal currencies, it will have a good impact on cryptocurrency price movements. Yes, all you need is a lot of patience, because the process of doing that is not easy.

[therozaq]

Yeah like as you said, the economic conditions in China are very good, and the technological developments there are very fast and extraordinary, so that when Chinese people start using cryptocurrency as one of their legal currencies, it will have a good impact on cryptocurrency price movements. Yes, all you need is a lot of patience, because the process of doing that is not easy.

The Chinese government should have considerations that support crypto, because other countries have started to accept and allow crypto.  China, as a large country whose economic conditions are among the top three in the world, if it allows and adopts crypto, it will have a positive impact on crypto.

[bitterguy28]

Recently, Hong Kong, which is considered a territory strongly influenced by China, has opened its doors to crypto^[5]. This may be an experiment with crypto that China wants to conduct before opening up and adopting crypto in the mainland.

Hongkong decision will not stand for the whole china and I do believe is that if Hongkong adopts crypto
this will bring big effect in the market but that does not mean we will be expecting too much not unless Chinese government as whole will stand with it.
but this is best for everyone to assume that if this will happen then its time to gain some bucks.